SRS Auto makes 0.88 cent per share offer for Allied Technologies

The Edge Singapore
The Edge Singapore6/19/2022 10:44 AM GMT+08  • 2 min read
SRS Auto makes 0.88 cent per share offer for Allied Technologies
As at March 31, Allied Technologies' NAV per share was 3.79 cents
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Car rental and financing firm SRS Auto Holdings is offering to take over Allied Technologies for 0.88 cent per share. With a base of 1.77 billion, privately-held SRS’ offer values the SGX-listed parts maker at $15.6 million.

The offer price of 0.88 cent is a 20% discount off Allied Technologies’ last traded price of 1.1 cents. Trading has been suspended since May 8 2019.

As at March 31, the company has a net asset value per share of 3.79 cents.

Allied Technologies was in the news over the past few of years after some $33 million held in escrow had gone missing and its then lawyer Jeffrey Ong Su Aun, former managing partner of JLC Advisors, was uncontactable.

Since then, Ong has been held in remand and faces a litany of charges involving various companies.

According to Allied Technologies’ announcement on June 18, a group of 21 shareholders have agreed to sell their shares to SRS Auto, whose sole director is one Tan Yew Kiat.

See also: Union Steel to acquire Singapore engineering construction firm for $2.5 mil

These shareholders, including executive director Kenneth Low Si Ren, hold 42.71% of the shares in total.

Last April, Low was named as a co-accused of Ong, the lawyer, for five of the charges.

According to Allied Technologies, SRS Auto has no plans to make major changes to Allied Technologies’ existing operations.

SRS plans to delist the company if it can gain control over more than 90% of the shares.

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.